Travers Smith LLP has advised Livingbridge and senior management shareholders on the sale of Sykes Holiday Cottages to Vitruvian Partners.
Sykes Holiday Cottages ("Sykes") is the UK’s leading and fastest-growing independent holiday cottage rental agency with over 25 years’ experience in the business. Sykes enjoyed a record year in 2019 with bookings up 26 per cent year-on-year, taking 1.6 million people on holiday. The transaction sees Vitruvian Partners ("Vitruvian") invest an undisclosed sum for a majority stake in Sykes, replacing existing backers Livingbridge following their five-year partnership with the company, alongside reinvestment by senior management.
At the time of Livingbridge’s investment in January 2015, Sykes managed 5,000 properties and generated £17 milion revenue. The business today manages over 17,500 properties across the UK, Ireland and New Zealand, having completed 12 acquisitions and delivered market leading organic growth. The new partnership with Vitruvian will help Sykes continue its investment in technology and people, as it targets serving more than 3.5 million holidaymakers annually by 2023 and growing its workforce to more than 1,000 people.
The Travers Smith team advising Livingbridge on the sale was led by Private Equity & Financial Sponsors Partners James Renahan, who was supported by Private Equity Senior Associate Tom Hartwright and Private Equity Associate Eve Dwyer.
A separate Travers Smith team led by Private Equity & Financial Sponsors Partners Edmund Reed and Will Yates, supported by Private Equity Associate Sally Hirst, advised senior management of Sykes Holiday Cottages on their reinvestment. Specialist advice was provided by Tax Partner Russell Warren.
Vitruvian Partners was advised by Mayer Brown.